Buyers: Always study the homeowners association package. I’m not sure you’d be able to discern embezzlement, but at least you’d have done your due diligence.
It seems Hollymead is joining the Glenmore (2010) and Mill Creek (2010) homeowners’ associations in the “we’ve had money stolen from us” camp.
J. Reynolds Hutchins reports for Media General:
Albemarle County Police are investigating the misappropriation of more than $73,000 from a local homeowners association in northern Albemarle.
The Hollymead Citizens Association Board of Directors informed residents last month that a slew of unauthorized charges had been made to the association’s bank account.According to a June audit, Charlottesville accounting firm Wills & Associates identified $73,183.48 in unauthorized transactions between 2008 and 2012 gleaned from monthly bank statements, copies of canceled checks, online records and Internal Revenue Service payroll notices.
Update 14 August: Their former treasurer has been charged.Frankly, this type of thing is the reason that 1) I’m on my HOA board and 2) I wish I wasn’t on my HOA board. 🙂
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